宏观经济政策与现实【外文翻译】.doc

1、本科毕业论文外文翻译原文外文题目THEMEMACROECONOMICPOLICYANDREALITYDEEPENINGRURALFINANCIALMARKETSMACROECONOMIC,POLICYANDPOLITICALDIMENSIONS出处RURALFINANCEPROGRAM作者CLAUDIOGONZALEZVEGA原文POLICIESFORRURALFINANCIALDEEPENINGACONTEMPORARYPERSPECTIVEACKNOWLEDGESTHEURGENCYTOADOPTNEWPOLICIES,DEVELOPTHENECESSARYPHYSICALANDINSTI

2、TUTIONALINFRASTRUCTURE,IMPROVEANDDISSEMINATENEWFINANCIALTECHNOLOGIES,ANDDESIGNANDBUILDNEWORGANIZATIONS,WHICHWOULDALLOWAMOREEFFICIENT,SUSTAINABLE,ANDBROADLYBASEDPROVISIONOFRURALFINANCIALSERVICESINTHEDEVELOPINGWORLDANDECONOMIESINTRANSITIONPOLICIESREFERTOPUBLICACTIONSGOVERNMENTANDDONORINTERVENTIONSNEED

3、EDTOCREATEANENVIRONMENTCONDUCIVETORURALFINANCIALMARKETDEVELOPMENTKEYPOLICYINTERVENTIONSMAYREQUIREREVISIONSOFLEGALSYSTEMSEG,PROPERTYRIGHTS,BORROWERANDLENDERRIGHTS,CONTRACTDESIGN,JUDICIALENFORCEMENT,NEWFINANCIALPOLICIESEG,INTERESTRATES,EXCHANGERATES,RESERVEREQUIREMENTS,ANDNEWREGULATORYFRAMEWORKSEG,ENT

4、RYANDEXITOFFINANCIALORGANIZATIONS,DEGREESOFMARKETCOMPETITION,PRUDENTIALREGULATIONANDSUPERVISIONTHESEPOLICIES,LEGALSYSTEMS,ANDREGULATORYFRAMEWORKSAREPARTOFTHEINSTITUTIONALINFRASTRUCTURENEEDEDFORTHEEFFICIENTANDSTABLEOPERATIONOFRURALFINANCIALMARKETSATBEST,THEDEVELOPMENTOFTHISINFRASTRUCTUREHASBEENNEGLEC

5、TEDFREQUENTLYINTHEPAST,INTERVENTIONISTPOLICIESACTUALLYREPRESSEDFINANCIALMARKETDEVELOPMENTREFORMSOFNONFINANCIALPOLICIESTHATCONSTRAINTHEPROFITABILITYOFCLIENTBUSINESSESANDPUBLICINVESTMENTSANDTHATREDUCETRANSACTIONCOSTSFORALLMARKETPARTICIPANTSALSOCONTRIBUTETOANEXPANSIONOFBOTHTHEDEMANDANDTHESUPPLYOFRURALF

6、INANCIALSERVICESTHEDEVELOPMENTOFSUPPORTINGINSTITUTIONALMECHANISMSEG,PROPERTYREGISTRIES,CREDITBUREAUSANDRATINGAGENCIESISALSOCRITICALFORRURALFINANCIALMARKETEXPANSIONBECAUSEMANYOFTHESESUPPORTINGTOOLSMAYBEPUBLICGOODS,STATEINTERVENTIONMAYBENEEDEDINORDERTOACCELERATETHEIRPROVISIONGETTINGPRICES,POLICIESANDI

7、NSTITUTIONSRIGHTISANECESSARYBUTNOTASUFFICIENTCONDITIONFORRURALFINANCIALDEEPENINGINDEVELOPINGCOUNTRIESANDECONOMIESINTRANSITIONTHISGOALWILLNOTBEREACHEDUNLESSNEW,COSTEFFECTIVELENDINGANDDEPOSITTAKINGTECHNOLOGIESAREDEVELOPEDANDIMPLEMENTED,INWAYSTHATALLOWANEXPANSIONOFTHESUPPLYOFABROADRANGEOFFINANCIALSERVI

8、CES,DELIVEREDTOWIDESEGMENTSOFTHERURALPOPULATION,ATAPPROPRIATECOSTSANDRISKSFORBOTHTHECLIENTSANDTHEORGANIZATIONSTHATOFFERTHESESERVICESTHATIS,THESECOSTSWOULDALLOWTHECLIENTSTOUNDERTAKEPROJECTSTHATGENERATEMARGINALRATESOFRETURNATLEASTASHIGHASTHOSEBEINGGENERATEDELSEWHEREINTHEECONOMYANDWOULDALLOWTHEORGANIZA

9、TIONSTODELIVERTHOSESERVICESINASUSTAINABLEANDPROFITABLEMANNERBECAUSEOFEXTERNALITIESINTHEMARKETFORINFORMATIONAND,INPARTICULAR,INTHEMARKETFORINNOVATIONS,PRIVATEINITIATIVESMAYNOTBESUFFICIENTTOBRINGABOUTTHEDESIREDLEVELOFEXPERIMENTATIONANDADOPTIONALTHOUGHSTATEINTERVENTIONMAYBENEEDEDTOPROMOTETECHNOLOGICALC

10、HANGE,THECHOICEOFHOWTOACCOMPLISHTHISMATTERSRESOURCESARESCARCEANDSUCCESSFULLOCIOFINNOVATIONAREUNKNOWNBEFOREHANDMOREOVER,KNOWLEDGEOFAPPROPRIATEFINANCIALTECHNOLOGIESWILLNOTBESUFFICIENT,EITHER,FORTHESUSTAINABLEEXPANSIONOFRURALFINANCIALMARKETSTHEORGANIZATIONSTHATSUPPLYTHESESERVICESMUSTPOSSESSTHEREQUIREDR

11、ESOURCESHUMANCAPITAL,LEADERSHIP,NETWORKING,INFORMATIONCAPITAL,ANDACCESSTOFUNDS,ANDTHEYMUSTIMPLEMENTBUSINESSPLANSTHATSUCCESSFULLYPURSUEAMISSIONTOSERVETHISMARKETSEGMENTINCOMBINATIONWITHAVOCATIONFORSUSTAINABILITYSUCHORGANIZATIONSAREINSHORTSUPPLYINTHERURALAREASOFDEVELOPINGCOUNTRIESANDECONOMIESINTRANSITI

12、ONTHEYAREKEYTOTHEEFFORT,HOWEVERROBUSTANDCREATIVEORGANIZATIONSWILLUNDERTAKEAMAJORPARTOFTHEINNOVATIONREQUIREDANDWILLBEINBETTERPOSITIONTOADOPTANDADAPTKNOWLEDGEANDPRACTICESDEVELOPEDELSEWHEREINCONTRAST,THERIGHTPOLICIESANDNEWTECHNOLOGIESWILLBEIRRELEVANT,IFTHEORGANIZATIONSTHATOFFERRURALFINANCIALSERVICESARE

13、INEFFICIENTANDNOTSUSTAINABLEFINALLY,ASSEMBLINGALLOFTHESEINGREDIENTSINACOHERENTSYSTEMREQUIRESTHATTHESTRUCTUREOFINCENTIVESENGENDEREDBYTHEOWNERSHIPSTRUCTUREANDGOVERNANCEDESIGNOFTHEORGANIZATIONBECOMPATIBLEWITHITSOUTREACHANDSUSTAINABILITYOBJECTIVESANINCONSISTENTMISSIONANDINCOMPATIBLEINCENTIVESWILLBEARECI

14、PEFORFAILUREMOREOVER,THELEGALANDREGULATORYFRAMEWORKWITHINWHICHTHESEORGANIZATIONSOPERATEINFLUENCESTHEIROWNERSHIPANDGOVERNANCESTRUCTURESTHESESTRUCTURESMUSTALSOBEWELLMATCHEDWITHTHECHARACTERISTICSOFTHEFINANCIALTECHNOLOGIESADOPTEDTHECONSTRUCTIONOFTHISSYSTEMANDTHEACQUISITIONOFTHERESOURCESNEEDEDWILLREQUIRE

15、DELIBERATEINSTITUTIONBUILDINGEFFORTS,WHICHMAYBEFACILITATEDBYGOVERNMENTANDDONORASSISTANCEPROMOTINGTHEEXPANSIONOFTHEDEMANDFORRURALFINANCIALSERVICESOPTIMUMINTERVENTIONINTHEPROMOTIONOFRURALFINANCIALDEEPENINGCALLSFORAPRECISEDIAGNOSIS,NAMELYTHEIDENTIFICATIONOFACTUALLYBINDINGCONSTRAINTSTORURALFINANCIALTRAN

16、SACTIONSWHATARETHENATUREANDEXTENTOFTHEPROBLEMOPTIMUMINTERVENTIONALSOREQUIRESTHECHOICEOFPOLICYTOOLSTHATEFFECTIVELYOVERCOMETHOSECONSTRAINTSWHATARETHEBESTINSTRUMENTSFORTHEINTERVENTIONUSUALLY,THEBESTINSTRUMENTISANINTERVENTIONTHATDIRECTLYADDRESSESTHESPECIFICNATUREOFTHEPROBLEMTHEFAILUREOFMANYPASTINTERVENT

17、IONSMAYBEATTRIBUTEDTOVIOLATIONSOFTHISMATCHINGRULEFIRST,FAILUREREFLECTEDAMISUNDERSTANDINGOFTHETRUENATUREOFFINANCE,WHICHRESULTEDINATTEMPTSTOUSEFINANCIALSERVICESWHENFINANCEWASNOTTHEAPPROPRIATEINSTRUMENTTOADDRESSTHEPROBLEMORACHIEVETHEOBJECTIVESOFTHEAUTHORITIESDESPITETHEBESTINTENTIONS,THESEINTERVENTIONST

18、URNEDOUTTOBEUNEXPECTEDLYHARMFULFORTHEPARTICULARSEGMENTSOFTHERURALPOPULATIONTHEYHADOSTENSIBLYSETOUTTOHELPSECOND,THEFAILUREOFEARLIERINTERVENTIONSRESULTEDFROMANINCORRECTDIAGNOSISOFTHEDIFFICULTIESENCOUNTEREDINRURALFINANCIALDEEPENINGRURALFINANCIALMARKETSHORTCOMINGSWEREATTRIBUTEDTOEVILEXPLOITATIONBYINFORM

19、ALMONEYLENDERSORTOTHEINDIFFERENCEOFPRIVATEBANKERSTHESTATEWASTHENASKEDTOTAKERESPONSIBILITYFOREXPANDINGTHESUPPLYOFRURALFINANCIALSERVICES,BUTTHEDIFFICULTIESTOBEOVERCOMECOULDNOTBEELIMINATEDBYDECREETHEMISTAKEWASTOATTEMPTAPOLITICALSOLUTIONTOWHATISESSENTIALLYTHETECHNICALPROBLEMOFPRODUCINGFINANCIALSERVICESI

20、NTHISMARKETSEGMENTATSUFFICIENTLYLOWCOSTSANDRISKSTHECHALLENGEOFPROMOTINGRURALFINANCIALDEEPENINGISTHEREFORECOMPLEX,ASTHEOBSTACLESTHATMUSTBEOVERCOMEPERMEATEALLDIMENSIONSOFTHEMARKETTHISSECTIONCLASSIFIESCONSTRAINTSASBINDINGONEITHERTHEDEMANDSIDEORTHESUPPLYSIDEOFTHEMARKETBOTHDIMENSIONSMATTERFORRURALFINANCI

21、ALDEEPENINGPROMOTINGTHEEXPANSIONOFTHESUPPLYOFRURALFINANCIALSERVICESGOVERNMENTANDDONORINTERVENTIONSAREALSONEEDEDTOINCREASETHESUPPLYOFRURALFINANCIALSERVICESTHESUPPLYOFRURALFINANCIALSERVICESISCONSTRAINEDBYAHIGHTRANSACTIONOPERATINGCOSTSFORLENDERS,WHICHINCREASETHECOSTSOFLENDINGWELLABOVETHEOPPORTUNITYCOST

22、OFTHEFUNDSANDWHICHCANONLYBERECOVEREDWITHHIGHINTERMEDIATIONMARGINSBHIGHTRANSACTIONOPERATINGCOSTSINCURREDINMOBILIZINGDEPOSITS,WHICHINCREASETHECOSTOFFUNDSFORTHEFINANCIALINTERMEDIARYWELLABOVETHERETURNSTHATMUSTBEOFFEREDTOTHEDEPOSITORSTOATTRACTTHEIRFUNDSCADDITIONALCOSTSOFMOBILIZINGDEPOSITSTHATEMERGEFROMTH

23、ENEEDTOMEETTHEREGULATORYREQUIREMENTSFORDEPOSITMOBILIZATIONEG,RESERVEREQUIREMENTS,MINIMUMSAFETYREQUIREMENTS,INTERNALCONTROLDHIGHCREDITRISKSFORLENDERS,WHICHTHREATENWITHLOSSESOFINCOMEINCASEOFARREARSANDLOSSESOFEQUITYCAPITALINCASEOFDEFAULTEHIGHLIQUIDITYRISKSINDEPOSITMOBILIZATION,WHICHMAKEITNECESSARYTOKEE

24、PLIQUID,LESSATTRACTIVELYREMUNERATEDRESERVESANDWHICHREQUIREADDITIONALFINANCIALCOSTSINCASEOFUNEXPECTEDDEPOSITWITHDRAWALSFIMPERFECTIONSOFINFORMATIONABOUTTHEABILITYANDWILLINGNESSTOREPAYLOANSOFAPPLICANTS,WHICHINCREASEBOTHTHEOPERATINGCOSTSANDTHELOSSESFROMDEFAULTOFLENDERSGINABILITYTORAISEINTERESTRATESASARA

25、TIONINGDEVICE,DUETOADVERSESELECTIONPROBLEMS,WHICHLEADSTONONPRICECREDITRATIONINGHABSENCEOFCOMPATIBILITYOFTHEINCENTIVESTHATGUIDETHEBEHAVIOROFPOTENTIALBORROWERSANDLENDERS,CREATINGSPACESFORMORALHAZARDOPPORTUNISTICBORROWERBEHAVIOR,ANDTHEREBYRAISINGTHEOPERATINGCOSTSANDRISKSOFLENDERSIABSENCEOFCOMPATIBILITY

26、OFTHEINCENTIVESTHATGUIDETHEBEHAVIOROFDEPOSITTAKERSANDPOTENTIALDEPOSITORS,CREATINGSPACESFORMORALHAZARDOPPORTUNISTICBEHAVIOROFDEPOSITTAKERS,ANDTHEREBYRAISINGTHERISKSFORDEPOSITORSJABSENCE,DEFICIENCIES,ANDHIGHCOSTSOFFORMALCONTRACTENFORCEMENTMECHANISMS,WHICHINCREASETHECREDITRISKSANDOPERATINGCOSTSOFLENDER

27、SANDTHERISKSOFDEPOSITORSKTHEATTENUATEDPROPERTYRIGHTSANDINEFFICIENTGOVERNANCESTRUCTURESOFMANYRURALFINANCIALINTERMEDIARIES,WHICHDONOTGENERATESUFFICIENTINTERNALCONTROLORTHEADOPTIONOFBUSINESSPLANSFOCUSEDONOUTREACHANDSUSTAINABILITYLTHEDESTRUCTIONOFSOCIALCAPITALEG,ACULTUREOFREPAYMENTTHATACCOMPANIESTHEPOLI

28、TICIZEDPARDONINGANDRESCHEDULINGOFLOANS,WEAKENINGTHECREDIBILITYOFCONTRACTTHREATSANDOBLIGATIONSMMARKETDISTORTIONSINTRODUCEDBYNONPRIVATEINTERMEDIARIESTHATREFUSETOOPERATEONMARKETTERMS,THEREBYUNDERMININGTHEOPERATIONSOFSERIOUSCOMPETITORSNTHEHIGHCOVARIANCEOFCASHFLOWSOFPOTENTIALRURALDEPOSITORSANDBORROWERS,W

29、HICHCREATESSIGNIFICANTSEASONALCHALLENGESFORTHEMANAGEMENTOFLIQUIDITYOTHEHIGHCOVARIANCEOFINCOMESANDOFTHEOUTCOMESOFTHEPRODUCTIVEEFFORTSOFBORROWERS,WHICHREDUCESOPPORTUNITIESFORPORTFOLIODIVERSIFICATIONASATOOLTOMANAGERISKBYLENDERSPTHESMALLSIZEANDLOWDENSITYOFTHECLIENTELEINLOCALMARKETS,WHICHREDUCESTHEOPPORT

30、UNITIESTODILUTETHEFIXEDCOSTSOFANYFINANCIALINFRASTRUCTUREQTHEPUBLICGOODNATUREOFTHEINFORMATIONGENERATEDBYANEXPANSIONOFTHESUPPLYOFRURALFINANCIALSERVICES,WHICHKEEPSTHERATEOFPRIVATEINVESTMENTINEXPERIMENTSTODEVELOPINNOVATIONSINLENDINGTECHNOLOGYANDTHEEXPANSIONOFTHESESERVICESBELOWTHESOCIALLYOPTIMUMRATEOFEXP

31、ANSIONMOSTOFTHESEDIFFICULTIESARETYPICALOFALLFINANCIALMARKETSTHEPROBLEMISTHATTHEYAREMOREACUTELYPRESENTINRURALAREAS,THEREBYFREQUENTLYRAISINGTHEASSOCIATEDCOSTSANDRISKSTOPROHIBITIVELEVELSASARESULT,RURALFINANCIALMARKETSDONOTEMERGECLEARLY,THEPROVISIONOFTHESAMEBASICPUBLICGOODSROADS,COMMUNICATIONS,LITERACY,

32、SAFETYTHATWOULDREDUCETRANSACTIONCOSTSANDWOULDFACILITATETHEEMERGENCEOFADEMANDFORFINANCIALSERVICESWILLALSOCONTRIBUTETOANEXPANSIONOFSUPPLYTHEEXTENTTOWHICHTHEDEVELOPMENTOFTHISPHYSICALANDINSTITUTIONALINFRASTRUCTURECANCONTRIBUTETORURALFINANCIALDEEPENINGCANNOTBEOVEREMPHASIZEDFINANCIALPOLICIESHAVEAPOWERFULI

33、NFLUENCEONTHESUPPLYOFRURALFINANCIALSERVICESTWOTYPESOFACTIONSARENEEDEDONTHEONEHAND,ITISINDISPENSABLETOFURTHERREFORMPOLICIES,INORDERTOREDUCEORELIMINATETHEFINANCIALREPRESSIONINTRODUCEDBYEARLIERINTERVENTIONSORTOPREVENTTHEREINTRODUCTIONOFPROTECTIONISTREPRESSIVEAPPROACHESONTHEOTHERHAND,ITISNECESSARYTODEVE

34、LOPAPOLICYANDREGULATORYFRAMEWORKTHATREDUCESTHECOSTSANDRISKSFORSUPPLIERSOFRURALFINANCIALSERVICESPROMOTINGFINANCIALINNOVATIONRURALFINANCIALDEEPENINGFUNDAMENTALLYDEPENDSONINNOVATIONSINFINANCIALTECHNOLOGIESTHATMAKEITPOSSIBLETOREACHBROADERCLIENTELESEXISTINGLENDINGANDDEPOSITMOBILIZATIONTECHNOLOGIESDONOTAL

35、LOWCOSTEFFECTIVERESPONSESTOTHEINFORMATION,INCENTIVE,ANDCONTRACTENFORCEMENTBARRIERSTHATCURBFINANCIALTRANSACTIONSINRURALAREASINNOVATION,HOWEVER,REQUIRESINVESTMENTSINEXPERIMENTATION,DEVELOPMENT,TRANSFER,ADOPTION,ADAPTATION,ANDLEARNINGOFTHENEWTECHNOLOGIESTHESEINVESTMENTSARERISKY,COSTLY,ANDUSUALLYREQUIRE

36、LONGGESTATIONPERIODSBEFOREANYRETURNSAREOBSERVEDTYPICALLY,THEINCENTIVESFORPRIVATEINVESTMENTTOUNDERTAKETHESEEFFORTSAREINSUFFICIENT,GIVENTHESIGNIFICANTEXTERNALITIESTHATEMERGEONCETHENEWTECHNOLOGIESAREDEVELOPED,COMPETITORSMAYFINDITATTRACTIVETOIMITATETHEIRFEATURESANDCANTHEREBYUNDERMINETHEPROFITABILITYOFTH

37、EINITIALINVESTMENT,BYCHARGINGLESS,BECAUSETHEYHAVENOTPAIDFORALLTHECOSTSOFRESEARCHANDDEVELOPMENTMOREOVER,COMPETITORSWHOHAVENOTINCURREDTHECOSTSOFTRAININGANDLEARNINGBYDOINGCANALSOACQUIRETHENEWTECHNOLOGIESEMBODIEDINTHELOANOFFICERSANDOTHERSTAFFOFTHEORGANIZATION,BYOFFERINGMOREATTRACTIVEWAGESBECAUSEOFTHENAT

38、UREOFKNOWLEDGEASAPUBLICGOOD,THESEEXTERNALITIESDISCOURAGEPRIVATEINNOVATIONSTATEINTERVENTIONINFINANCIALINNOVATION,HOWEVER,ISPROBLEMATICBOTHTHEDEVELOPMENTANDADOPTIONOFNEWFINANCIALTECHNOLOGIESENCOUNTERSIGNIFICANTDIFFICULTIESINEFFECT,ADAPTATIONOFAGIVENPRACTICETOTHEFEATURESOFASPECIFICMARKETSEGMENTISNOTATR

39、IVIALTASKFIRST,THISEFFORTREQUIRESAFLEXIBLEFRAMEWORKFOREXPERIMENTATIONINDEED,ITHASBEENTHEIRVASTFLEXIBILITYINEXPLORINGALTERNATIVESOLUTIONSTOTHEPROBLEMSOFFINANCIALTRANSACTIONSTHATHASALLOWEDMICROFINANCEORGANIZATIONSANDCREDITUNIONSTODEVELOPTHEIRNOTABLEINNOVATIONSCONTINUITYOFEFFORTSISALSONEEDEDSPECIFICDON

40、ORASSISTANCE,FREQUENTLYDELIVEREDTHROUGHINTERNATIONALLYBASEDORGANIZATIONSTHATPOSSESSCOMPARATIVEADVANTAGESININSTITUTIONBUILDING,HAVESUPPORTEDTHESEINNOVATIONSMOSTLIKELY,AMULTIPLICITYOFEXPERIMENTSISNEEDED,ASTHEAPPROPRIATESOLUTIONSTOSPECIFICPROBLEMSARENOTKNOWNAHEADOFTIMEIFWOULDBEINAPPROPRIATE,FOREXAMPLE,

41、TOSUPPORTONLYORGANIZATIONSTHATWORKWITHGROUPCREDITORONLYTHOSETHATOFFERINDIVIDUALLOANSSECOND,FINANCIALDEVELOPMENTISINTENSIVEINLOCALINFORMATIONANDREQUIRESLONGLEARNINGPROCESSESDONORSCANASSISTINSEVERALWAYSONEISTOOFFERACCESSTOTHEINTERNATIONALPOOLOFKNOWLEDGEABOUTNEWFINANCIALTECHNOLOGIESACLEARUNDERSTANDINGO

42、FGENERALPRINCIPLES,LESSONS,ANDBESTPRACTICESISACRITICALSTARTINGPOINT,BUTITISNOTSUFFICIENTFINANCEISESSENTIALLYABOUTTHEEVALUATIONOFRISKS,THEMANAGEMENTOFINFORMATION,ANDTHECREATIONOFLENDERBORROWERRELATIONSHIPSTHATCARRYINCENTIVESFORTHEPROTECTIONOFTHERELATIONSHIPTHEEXACTNATUREOFTHESERISKSANDTHEPRECISESTRUC

43、TURESOFINCENTIVESTHATSUSTAINTHESERELATIONSHIPSVARYFROMMARKETSEGMENTTOMARKETSEGMENTTHEACCUMULATIONOFINFORMATIONNEEDEDTOREDUCECOSTSOCCURSLOCALLYANDGRADUALLY,ASTHEORGANIZATIONLEARNSABOUTITSCLIENTS,ABOUTTHEMARKETWHEREITOPERATES,ANDABOUTTHESOURCESOFTHREATSOFDEFAULTTHESUCCESSOFMICROFINANCEORGANIZATIONSHAS

44、ENSUEDONLYAFTERLONGPROCESSESOFLEARNINGBYDOING,USUALLYACCOMPANIEDBYCLOSEINTERACTIONWITHANINTERNATIONALPROVIDEROFTECHNICALASSISTANCETHISUSUALLYREQUIRESALONGTERMDONORCOMMITMENTTOTHEINSTITUTIONBUILDINGEXERCISEINNOVATIONISALSOREQUIRED,MOREOVER,WITHRESPECTTOTHEINSTITUTIONALDESIGNOFRURALFINANCIALORGANIZATI

45、ONSINTHEEND,POLICIESWILLNOTBEENACTED,PROCEDURESWILLNOTBEREVISED,TECHNOLOGIESWILLNOTBEADOPTED,IFTHOSEWHOHAVETOMAKETHEDECISIONSDONOTFINDITINTHEIRINTERESTTODOSOTHEINSTITUTIONALDESIGNOFORGANIZATIONSOWNERSHIP,CONTROL,GOVERNANCECONSTRAINSINDIVIDUALBEHAVIORANDCREATESTHESTRUCTURESOFINCENTIVESTHATGUIDETHEDEC

46、ISIONSTHATDETERMINEPERFORMANCETHEFINANCIALORGANIZATIONSTHATCURRENTLYHAVEAPRESENCEINTHERURALAREASOFDEVELOPINGCOUNTRIESHAVEINSTITUTIONALDESIGNSTHATFREQUENTLYDONOTPROMOTEOUTREACHANDSUSTAINABILITYUNFORTUNATELY,THEROLEOFDONORSININFLUENCINGTHEINSTITUTIONALDESIGNOFTHESEORGANIZATIONSISNOTCLEARLYANDSUFFICIEN

47、TLYUNDERSTOODDONORCHOICESABOUTINVESTINGIN,LENDINGTO,ANDMAKINGGRANTSFORTECHNICALASSISTANCEANDOTHERPURPOSESTOPARTICULARTYPESOFORGANIZATIONSWILLINFLUENCETHECOURSEOFINSTITUTIONALDEVELOPMENTTHESEISSUESWILLPOSETHEGREATESTDILEMMASANDCHALLENGESTODONORSANDGOVERNMENTSINTHEDEVELOPMENTOFRURALFINANCIALMARKETS译文主

48、题宏观经济政策与现实深化农村金融市场宏观经济、政策和政治维度一、深化农村金融政策用发展的角度看待问题，必须采用新政策，发展必要的物质和制度基础设施，改善和传播新的金融技术,设计和建造新组织,这将允许在发展中国家和转型期经济中提供一个更有效率的、可持续的、广泛的农村金融服务业。政策是指公共行动政府干预需要创造一种有利于农村金融市场发展的环境。重要政策干预可能需要修改法律制度例如,产权,借款人和贷款人的权利,合同设计、司法执行，新金融政策例如,利率、汇率、存款准备金,和新的监管框架例如,出入境的金融机构、程度的市场竞争中,审慎监管。营运高效、稳定的农村金融市场需要一部分政策、法律体制、管理框架的保

49、障。即使在最好的情况下,此基础设施的发展完全被忽视了；过去常常,干预政策其实压制了金融市场的发展。非财务政策的改革约束客户业务盈利能力和公共投资，降低市场参与者交易成本，有助于扩大农村金融服务的市场需求和供给。支持发展的制度机制例如,财产注册处组成,征信机构,评级机构也是农村金融市场扩张的关键。因为他们的许多支持工具也许是公共物品,国家干预可能为了需要而提高存款准备金率。得到的价格、政策和制度必须是正确的,但发展中国家和经济转型期的农村金融深化并非是其的充分条件。如果没有新的最符合成本效益的贷款和接受存款的技术开发和实施,这一目标不会达到。对于客户和组织在适当的风险和成本下,扩大提供一系列涉及广大农村居民的金融服务。也就是说,这些成本将允许客户承接项目产生的边际回报至少高达被产生经济和其他地区会允许组织来传递服务于一体的可持续和有利可图的态度。因为市场信息的外部性,特别是在转会市场寻找创新,私人的各种计划可能不足以带来理想的试验和利用水平。尽管国家干预能促进技术改变,选择如何做到这一点很重要。资源稀缺和成功的基因改造后事先未必知道。此外,了解相应的财务技术将是远远不够的,或者说永续扩张的农村金融市场是不够的。提供这些服务的组织必须具备所需的资源人力资本、领导能力、网络化、信息资本,并获得基金,他们必须实施的商业计划,成功地追求一个任务为这一市场细分结合的本领的可持续发展。在发展